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RESOLUTION TRUST CORP. v. BVS DEVELOPMENT, INC.

Nos. 93-15716, 93-15717 and 93-16050.

42 F.3d 1206 (1994)

RESOLUTION TRUST CORPORATION, as Receiver for Concord-Liberty Savings and Loan Association, a Federal Savings and Loan Association, Plaintiff-Appellee, v. BVS DEVELOPMENT, INC., a California Corporation, Defendant, and Wolfgang W. Wagner; and Charlotte Wagner, Defendants-Appellants. RESOLUTION TRUST CORPORATION, as Receiver for Concord-Liberty Savings and Loan Association, a Federal Savings and Loan Association, Plaintiff-Appellee, v. BVS DEVELOPMENT, INC., a California Corporation, Defendant, and Theodore W. Aronson, Defendant-Appellant. RESOLUTION TRUST CORPORATION, as Receiver for Concord-Liberty Savings and Loan Association, a Federal Savings and Loan Association, Plaintiff-Appellee, v. BVS DEVELOPMENT, INC., a California Corporation, Defendant, and GT Water Products, Defendant-Appellant.

United States Court of Appeals, Ninth Circuit.

Decided December 6, 1994.

Attorney(s) appearing for the Case

John S. Wall, Wall, Wall & Peake, Bakersfield, CA, for defendants-appellants Wolfgang and Charlotte Wagner; Larry Errea, Bakersfield, CA, for defendant-appellant Theodore W. Aronson; Stephen E. Anderson, Irvine, CA, for defendant-appellant GT Water Resources.

Benjamin K. Riley, Cooley, Godward, Castro, Huddleson & Tatum, San Francisco, CA, for plaintiff-appellee.

Before: GOODWIN, O'SCANNLAIN, and KLEINFELD, Circuit Judges.

GOODWIN, Circuit Judge:

Junior lienholders, GT Water Products, Inc. ("GT Water"), Theodore Aronson ("Aronson"), and Wolfgang and Charlotte Wagner ("Wagner") appeal summary judgment and order of foreclosure in favor of senior lienholder, the Resolution Trust Corporation as receiver for Concord-Liberty Savings and Loan Association ("RTC-Concord").

The appellants were the owners of land that was being acquired for development by a thinly capitalized company whose...

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